The core educational program, financial aid initiatives, and the people of the institution are Colby’s priorities as the College adjusts to a period of financial constraint that may last a number of years. That was the message President William D. Adams delivered in a year-end video posted on Colby’s Web site.
In order to support those commitments, Adams said, “We are trying to understand how we can reshape the expense base of the institution and to reduce the size of that expense base.”
In the 11-minute-long video, Adams reassures parents and students that the College is “very attentive to the pressures” they face due to the recession and says Colby will be “reserved and very careful” in setting next year’s comprehensive fee.
The no-loan initiative in financial aid is “one of the highest priorities of the College,” and Adams says he believes Colby will be able continue that program next year and will do everything it can “to maintain it in future years as well.”
Adams hopes that through this financial situation Colby will find ways to come out stronger. “I don’t think that’s an impossible task, and I think it’s one of the ways we have to be thinking about this—in addition to trying to understand how we do more with less.”